Payments to Social Security recipients may increase a bit more than expected in 2024, but an advocacy group says they'll still fall short of what retirees need. The Senior Citizens League said Wednesday that the Social Security cost of living adjustment, or COLA, will likely be 3.2% for 2024. That would add about $57 to monthly benefits, raising them to $1,790 for the average recipient, according to the group's estimates. The cost of living adjustment is calculated based on an average of the inflation readings for the months of July, August and September. Specifically, it's based on the Consumer Price...